We had a slight pullback today on light volume. Selling picked up late in the day though. If it carries over into tomorrow’s session the June highs could be tested again. Those old highs were able to support the indices last week and if I was a bear I’d want to see last week’s lows broken before trying my luck here. But the trend table (see below) keeps me from that bear camp for now. At least as long as the short-term trends are still up I’ll be looking for buying opportunities.
Not to beat a dead horse, but the financial sector still looks sickly to me. If it takes out last week’s low I’d be really concerned about the broader market getting dragged down.
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | Up | Up | Up |
| Short-term | Up | Up | Up |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I’m simply using the indices’ relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
